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The staff bonus pool at Schroders has been reduced by 16 per cent after the
fund management group reported narrowing margins and defections by wealthy
private banking clients.

Pre-tax profits dipped by 12 per cent to £360 million after the group was also
hit by a rise in costs after hiring more compliance and IT staff.

But traders cheered the results, marking the shares 50p higher to a record
£20.86 as they revealed Schroders had scooped a net £9.4 billion of new
business last year, including £4.1 billion in the final quarter, and
garnered more in the first two months